It's called a correction (waveaddict's bitcoin charting subscription thread)

[waveaddict]

in the larger scheme of things, today is the terminal end of the correction that has been going on for weeks now since 7.20. Triangles always end in a panic-like selloff. It is actually a kind of standard to look for if you think a triangle is playing out. Good thing for longs, that panic end of a triangle is usually the bottom.

cool story bro

.. many weeks ago.

so, will the price now skyrocket like you predict it in your chart?!..

the last 4 days were panic selloff, not a correction. the correction was what happened the last 6 weeks.

[1714800915]

1714800915

[joulesbeef]

here is what happened the past couple of days.

TradeHill suspending trading and returning client funds

BetaBeat: Banks Force Paxum to Drop Bitcoin

btc-e compromised

btcserv hacked, coins stolen

a few days earlier, ozcoin hacked and coins stolen(probably too old of news but negative news can hang around your neck like a noose and add onto each other)

That is why it dropped.

[waveaddict]

rationalize it all you want...the waves don't lie. sentiment towards news changes in regard to what wave up or down you are in. We were in a corrective wave down so this news was perceived as 'more dreadful' then if it occurred during an uptrend wave.

here is what happened the past couple of days.

TradeHill suspending trading and returning client funds

BetaBeat: Banks Force Paxum to Drop Bitcoin

btc-e compromised

btcserv hacked, coins stolen

a few days earlier, ozcoin hacked and coins stolen(probably too old of news but negative news can hang around your neck like a noose and add onto each other)

That is why it dropped.

[joulesbeef]

fine it is still why we declined.. and sorry but the 4th largest pool getting hacked, the 3 largest exchange with vulnerabilities and the 2nd largest exchange throwing in the towel is BAD BAD BAD NEWS even if we were on an upward trend. There is a lot of real fear uncertainty and doubt in BTC. It is much like it was when online commerce first started and we started to get a wave of CC thefts. People started to not trust shopping online at all.

The second biggest exchange closing down because it is getting pressured by the mega banks is mega bad news.

[waveaddict]

I'll most likely send daily updates.

Besides teflone, wobber, and Mushoz, are there any others interested?

I'd most likely be in as well. If it contains short-term updates as well. Those are the most valuable to me.

[teflone]

Big delivery service in St Louis started accepting bitcoin..

Thats GOOD GOOD GOOD news!

[teflone]

I'll most likely send daily updates.

Besides teflone, wobber, and Mushoz, are there any others interested.

I'd most likely be in as well. If it contains short-term updates as well. Those are the most valuable to me.

Also I request this be somewhat limited to people able to sign up.  I know it sounds stupid..

But the lemming effect from R2D2's  is staggering..

[gewure]

I'll most likely send daily updates.

Besides teflone, wobber, and Mushoz, are there any others interested?

I'd most likely be in as well. If it contains short-term updates as well. Those are the most valuable to me.

me

[minorman]

posted this a couple of weeks ago: http://imageshack.us/f/688/bitcoinforum.png/

situation now: http://imageshack.us/f/171/69867152.png/

Many here need to learn the basics of investing before they start speculating. A near perfect channel correction is near complete if not finished already. The name of the game is buying when others are fearful...bitcoin is no different than the same dynamics that price out everything in a free market.

yup. My standing buy orders at intersango have picked up about 100 bitcoins in todays lemming panic. I'm loving it..

[waveaddict]

can you explain this worry that you have in a little more detail?

updated potential subscriber list: teflone, wobber, Mushoz, and gewure

I'll most likely send daily updates.

Besides teflone, wobber, and Mushoz, are there any others interested.

I'd most likely be in as well. If it contains short-term updates as well. Those are the most valuable to me.

Also I request this be somewhat limited to people able to sign up.  I know it sounds stupid..

But the lemming effect from R2D2's  is staggering..

[zby]

rationalize it all you want...the waves don't lie. sentiment towards news changes in regard to what wave up or down you are in. We were in a corrective wave down so this news was perceived as 'more dreadful' then if it occurred during an uptrend wave.

I don't think waves can explain everything - but I agree that they exist.   For example when counting the waves leading to 7.2 we were clearly in the 3rd wave and I was expecting the 5th to go beyond that - but apparently the bitcoinica USD shortages mutilated the 5th wave - that is clearly visible on your chart.

[thomkaufmann]

Besides teflone, wobber, and Mushoz, are there any others interested?

Count me in.

[AndDuffy]

"Wave 1: Wave one is rarely obvious at its inception. When the first wave of a new bull market begins, the fundamental news is almost universally negative. The previous trend is considered still strongly in force. Fundamental analysts continue to revise their earnings estimates lower; the economy probably does not look strong. Sentiment surveys are decidedly bearish, put options are in vogue, and implied volatility in the options market is high. Volume might increase a bit as prices rise, but not by enough to alert many technical analysts."

I think that we have, or will very soon, reach rock bottom. Buying time is now. Now is the time to be very, very long.

[waveaddict]

I'm not going to deny that certain external factors influence the speed and extending feature of certain waves

rationalize it all you want...the waves don't lie. sentiment towards news changes in regard to what wave up or down you are in. We were in a corrective wave down so this news was perceived as 'more dreadful' then if it occurred during an uptrend wave.

I don't think waves can explain everything - but I agree that they exist.   For example when counting the waves leading to 7.2 we were clearly in the 3rd wave and I was expecting the 5th to go beyond that - but apparently the bitcoinica USD shortages mutilated the 5th wave - that is clearly visible on your chart.

[notme]

Besides teflone, wobber, and Mushoz, are there any others interested?

Count me in.

Daily updates for 2.5BTC/month... I'm in.

[waveaddict]

I would agree that being long here has a very high probability of success given all the possibilities of waves that we could be in right now. You can tell from my chart on the first page, that I believe that we are in either a wave C up or a wave 3 up right now.

2   --> 7.2            wave 1 or A (up)
7.2 -> 4.2            wave 2 or B (down)
4.2 --> 10-14ish    wave 3 or C (up)              after this point is where you should decide how much you are willing to risk on pure speculation

"Wave 1: Wave one is rarely obvious at its inception. When the first wave of a new bull market begins, the fundamental news is almost universally negative. The previous trend is considered still strongly in force. Fundamental analysts continue to revise their earnings estimates lower; the economy probably does not look strong. Sentiment surveys are decidedly bearish, put options are in vogue, and implied volatility in the options market is high. Volume might increase a bit as prices rise, but not by enough to alert many technical analysts."

I think that we have, or will very soon, reach rock bottom. Buying time is now. Now is the time to be very, very long.

[waveaddict]

updated potential subscriber list:

teflone
wobber
Mushoz
notme
thomkaufmann

at the moment I am thinking about daily updates for 2.5 bitcoins/month...anybody else interested?

[SkRRJyTC]

updated potential subscriber list:

teflone
wobber
Mushoz
notme
thomkaufmann

at the moment I am thinking about daily updates for 2.5 bitcoins/month...anybody else interested?

interested

[proudhon]

updated potential subscriber list:

teflone
wobber
Mushoz
notme
thomkaufmann

at the moment I am thinking about daily updates for 2.5 bitcoins/month...anybody else interested?

I'll subscribe if you change your name to S3053.

[Mushoz]

updated potential subscriber list:

teflone
wobber
Mushoz
notme
thomkaufmann

at the moment I am thinking about daily updates for 2.5 bitcoins/month...anybody else interested?

I'll subscribe if you change your name to S3053.

Haha!